Dalton — My bride, Stacey, and I spent last week in Lake George, New York. It’s become an annual pilgrimage of ours, which came to be because my parents would bring the family there every summer since as far back as I can remember. We’ve been there enough times that the area is easy to navigate. But we’ve also been there enough so that we don’t feel as if we miss out on an adventure if we skip doing stuff we’ve done a dozen times before. We call it our “do nothing” vacation. We walk down to the lake and do nothing. We grab a book and do nothing. It’s intended to be a week where no work is done and batteries are recharged. However, I failed. On Monday, Aug. 5, when the Dow Jones Industrial Average dropped some 1,000 points at its low and all major U.S. equity averages closed out the day down nearly 3%, I went to work—well, kind of. I was on vacation, after all. I sent an email to my firm’s supervisor of capital trading, CC’d our six financial advisors, and instructed him to pull the trigger and get all available cash invested. (As a clarification, that didn’t mean if someone deposited a million bucks in their account last month that we necessarily got it all invested; it means that we had set up a planned investment of a portion of that cash and were waiting for the right time to pull the trigger.
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